We look set for a volatile day of trading on global stock markets as manufacturing PMI figures are released from countries around the world. Throughout the night, China reported an eight-month low HSBC Manufacturing figure of 48.0, down from February’s figure of 48.5 and showing a contraction in the sector for Q1.
The Australian dollar rallied against its major counterparts throughout the night after the Reserve Bank of Australia kept their cash rate at a record low level of 2.5%.
Investors will be keeping a close eye on Manufacturing PMI data from Europe, shortly followed the American figure released this afternoon as these figures are set to spark volatility in global markets. The key piece of data will be released at 9.30am when UK Manufacturing PMI is released with an estimated figure of 56.7 expected.